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Brooks granted hearing in Compass Academy case

By MIKE GELLATLY

Mar 29 2013 12:59 am Mar 29 10:58 am

Jonathan “Jay” Brooks is going to have his day in court.

On April 2, Jay Brooks will appear before a Circuit Court Judge in Columbia to argue that his assets, those of Compass Academy and those of his companies, J. Brooks Financial and Brooks Real Estate Holdings, should not remain frozen while he fights allegations of securities fraud.

The hearing will determine if the temporary restraining order currently placed against the assets will become an injunction. If that happens, the assets can only be released if the case ends in favor of the Brookses.

Jay Brooks is alleged, by the Securities Division of the Attorney General’s office, to have illegally sold securities – as investments in Compass Academy – that were unregistered with the State and that he was not registered as a broker-dealer with the company that sold them. He is also accused by the Attorney General’s Office of converting invested funds for his own use.

Brooks’ attorney has denied any wrongdoing on the part of his client. Tracey Brooks, wife of Jay, posted statements last week on the Compass Academy website reportedly from her husband that described the case and the reporting of the case as “malicious lies.” The statement since has been removed from the site.

The Brookses likely would both be facing allegations if the case goes to a trial, according to Tracy Meyers of the Attorney General’s office. Meyers said that an amended complaint would likely add Tracey Brooks.

The hearing on Tuesday will be in front of Judge Clifton Newman of Kingstree, S.C.

Oct. 24 – Audit report released with 11 findings. These include Brooks charging clients fees or commissions without disclosing it to them; stating in brochures that no commission will be charged, yet commissions were charged; and many other discrepancies between statements made by Brooks and his records.

Nov. 5 – High Street Equity Fund investigates Brooks for activities relating to fixed annuities of four senior citizens which cost them over $100,000 in early termination fees. Additional, similar requests were also discovered to be pending.

Nov. 9 – The Securities Division receives information that money from Individual Retirement Accounts (IRAs) of Brooks’ clients is being invested in “a private school in Aiken, South Carolina with which Brooks was closely associated.”

Nov. 9 – Investigation into the alleged transactions begins by requesting information from Compass Academy and any J. Brooks Financial clients who had invested in Compass.

Nov. 9 – Brooks identifies three clients as investors in Brooks Real Estate Holdings. Brooks provides copies of cashier’s checks that he claimed had been provided to refund investors.

Nov. 21 – Brooks is terminated by High Street. Termination was for annuities activities and claims that Brooks was referring clients to an undisclosed real estate development company.

Dec. 31 – Deadline for Brooks to pay fee for audit and update paperwork and brochures to correct discrepancies.

2013

Jan. 4 – After receiving no information from Brooks, the Securities Division places a call to Brooks. No answer.

March 5 – Securities Division files Complaint against Brooks and places a temporary restraining order freezing his assets and those of Compass Academy, J. Brooks Financial and Brooks Real Estate Holdings.

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